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BBVA acquires big data startup Madiva | Finextra

BBVA continue on their non-traditional bank approach following their purchase of Simple. This purchase is equally interesting being a company that is engaged in that persona non grata capability for bank regulators … the cloud!

BBVA acquires big data startup Madiva

BBVA has acquired Spanish big data and cloud computing startup Madiva Soluciones as part of its strategy to buy up companies that are developing new technologies and disruptive business models.

Madiva Soluciones or Grupo Madiva – this from their home page translated by

BBVA has agreed to buy Madiva Solutions, a Spanish-based startup specializing in big data and cloud computing services. The operation is part of the process of transformation of BBVA Group to lead the financial industry in the digital era.

“Big data is a strategic area for BBVA and strengthens our capabilities Madiva immediately,” explains Carlos Torres Vila, Head of Digital Banking BBVA. “Madiva undoubtedly contribute to a better deal for our customers.”

Founded in December 2008 and headquartered in Madrid, Madiva reached profitability in its first year of business with products for companies in sectors such as insurance, banking, real estate and consulting. Their services simplify existing processes and create new business opportunities by processing massive unstructured data and information available online that intersects with other sources. His system for the appraisal of massive property portfolios hours reduced to a process that lasted months earlier. Madiva continue to operate as an independent company after the acquisition, based on BBVA and other customers.

“If a bank that really is betting on big data is BBVA,” said Juan José Divasson, CEO of Madiva. “We wanted to be part of the company that has best understood the potential of what we do.”

Madiva is the second purchase of a digital company after the acquisition of Simple in the US in February this year. Acquisitions of companies that are developing technologies and disruptive business models is an axis more in comprehensive transformation of BBVA to build the best customer experience in the digital era.

Written by Colin Henderson

December 10, 2014 at 23:42

Posted in Uncategorized

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